BtcTurk halts crypto withdrawals after a suspected $48M hack, affecting multiple networks, while trading and local currency services remain active.
Author: Akshat Thakur
August 14, 2025 – Turkish cryptocurrency exchange BtcTurk has stopped crypto deposits and withdrawals after a suspected $48 million hack, affecting multiple blockchain networks.
On Thursday, blockchain security firm Cyvers reported detecting unusual activity involving $48 million in digital assets. The transactions spanned several blockchains, including Ethereum (ETH), Avalanche (AVAX), Arbitrum (ARB), Base, Optimism (OP), Mantle, and Polygon (MATIC).
According to Cyvers, the attacker transferred the stolen funds to two wallets and quickly began converting them into other assets.
Shortly after the alert, BtcTurk announced a suspension of crypto deposits and withdrawals. The exchange cited a technical issue in hot wallets as the cause, without directly confirming the breach.
“Due to a technical issue in hot wallets, cryptocurrency deposits and withdrawals are halted. Further notification will be shared once they are back up. Crypto buy and sell orders, as well as Turkish lira deposits and withdrawals, are uninterrupted,” the platform stated.
While crypto withdrawals remain paused, users can still trade on the platform and deposit or withdraw Turkish lira. This partial functionality suggests the breach was limited to the exchange’s hot wallets.
Turkey’s crypto sector has faced similar incidents in the past, highlighting the ongoing security risks for exchanges. The latest BtcTurk hack adds to growing concerns over centralized exchange vulnerabilities in high-volume markets.
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